Rustomjee Wins ₹4,521 Crore GTB Nagar Redevelopment Project with MHADA

Keystone Realtors Ltd., known as Rustomjee, has received the Letter of Acceptance (LOA) for the redevelopment of GTB Nagar located in Sion, Mumbai. The project is being undertaken in partnership with MHADA, Maharashtra’s housing authority, following a formal bidding process.

The total land area spans approximately 11.19 acres or 45,308 square metres. Once completed, the redevelopment will benefit more than 1,400 families living in the area. The estimated saleable construction area for the project is around 20.7 lakh square feet.

The total Gross Development Value (GDV) is estimated at ₹4,521 crore, making this one of the most extensive urban renewal projects in the city. The redevelopment will include new housing for 1,200 society members and about 200 families from informal housing.

Rustomjee stated that the project reflects its approach to inclusive development by working closely with public institutions. The company aims to replace dilapidated structures with modern, well-designed homes that address both safety and quality of life.

In a statement, Chairman and Managing Director Boman Irani said the project is about more than just rebuilding structures; it’s about giving families the stability and dignity they deserve. He described the GTB Nagar redevelopment as one of the largest initiatives of its kind in Mumbai, both in terms of size and impact.

Irani said the project is a chance to bring lasting change to a community that has waited years for permanent homes. He also noted that such efforts are rooted in trust and long-term transformation, not just real estate development.

Keystone Realtors has been active in Mumbai’s real estate market since 1995. The company has delivered over 26 million square feet across multiple residential projects. Its portfolio includes 37 completed projects, 16 currently under development, and 26 in the pipeline.

The firm operates across housing segments, from affordable homes to luxury properties. Rustomjee has provided housing for over 17,000 families, including more than 1,700 through redevelopment initiatives. The company continues to follow an asset-light model, focused on quality, planning, and long-term value for residents and stakeholders.

Following the news, Keystone Realtors shares have gained 4.17% trading at ₹638 in the National Stock Exchange. Keystone Realtors shares have witnessed a 19% gain in the last month, dipped 6% in the year-to-date, and declined 5% in the last year.